The bank of spain estimates that the economy will grow by 28 this year
The Bank of Spain has improved eight tenths its forecast of growth for the Spanish economy this year, to 2.8%, when the Gross domestic product (GDP) grew by 0.8%, on quarter, in the first three months of 2015 and 2.5% in interannual rate.
The Economic Bulletin of March of the supervisor indicated that the revision of the forecasts is explained mainly by the “more favorable” behavior of GDP at the end of 2014 and in 2015 start.
For 2016, the Bank of Spain expects a continuation of the expansive phase, with a rate of growth of 2.7%, a tenth less than the 2015, because expected “some attenuation” of some of the economic impulses present.
The supervisor ensures that the progress in these two years will be characterized by the force of demand internal private and “progressive strengthening” of the exports.
That entity new forecasts are better than the raised by the Government, pointing to an increase in GDP of 2.5% this year and 2.3% by 2016, although the Executive are pending update macroeconomic picture to be sent to Brussels next stability programme setting before April 30.
Regarding the labour market, it is expected that jobs follow registering high growth rates, with an advance of 2.7 percent this year and 2.6 percent in 2016.
After two consecutive years of setbacks, projected a gradual workforce recovery, although the increase of occupation will enable that unemployment rate continue to contract at a rate even higher in 2014, to stand at around 20% at the end of the projection horizon.